New Delhi: India Post Payments Bank is poised for commencing operations in March 2017. Post Bank will shortly commence hiring for establishing 650 branches and 5,000 ATMs across the country by September 2017.

India Post Payments Bank (IPPB) has already received the certificate of incorporation from the Registrar of Companies (RoC). Venturing into the banking segments is the first step of any first public sector undertaking under the Department of Posts (DoP).

“With the incorporation, the Board of the India Post Payments Bank Limited is likely to be constituted soon. The incorporation of the IPPB Ltd is a significant step forward as this also paves the way for the bank to begin hiring of banking professionals to set up the bank and begin its operations in 2017,” according to an official statement.

“With the incorporation, the Board of the India Post Payments Bank Limited is likely to be constituted soon. The incorporation of the IPPB Ltd is a significant step forward as this also paves the way for the bank to begin hiring of banking professionals to set up the bank and begin its operations in 2017,” according to an official statement.

The government said Post Bank is gearing up to start banking services in the country and making efforts to get prepared in the shortest time available since its incorporation and this could be the fastest roll out for any bank anywhere in the world.

Prime Minister Narendra Modi-led Union Cabinet in January approved the proposal to set up IPPB with total project cost of Rs.800 crore. The new bank is expected to commence operations by March 2017 and will set up 650 branches and 5000 ATMs across the country.

Leveraging on its physical presence across 1.55 lakh post offices and the reach of ‘The Dakiya,’ the India Post Payments Bank aims to become a major vehicle of real financial inclusion in the country.